I have a condo in the SF Bay area and really just want to put some new floors down, and buy a couple of updated appliances. I couldn't get a HELOC from my credit union unfortuantely, because I have 1st time homebuyer loans from my state and city that are considered 2nd & 3rd mortgages. I'm wondering if a 203(k) might be a decent alternative. Specifically I'm curious about the interest rates, and whether or not refinancing my condo will constitute a sale and I'll lose Prop. 13 protection for the stated value of my condo and taxes. But any other info would be appreciated.
2007-09-11 06:56:42 · 1 answers · asked by Rossonero NorCal SFECU 7 in Business & Finance ➔ Renting & Real Estate
they're great but they lend on certain upgrades not all.
any lender that does FHA should be able to help you.
Interest rates are probably 7.25% and lower...probably to 6.5%
refinance will not constitute a sale.
many homeowners are taking out loans more than what the house is worth!
2007-09-11 09:39:17 · answer #1 · answered by Anonymous · 1⤊ 0⤋